The OpenIndiana project has been officially announced. OpenIndiana is part of the Illumos foundation and a community distribution which aims to to continue OpenSolaris, previously shut down by Oracle. Some details of the announcement were published on c0t0d0s0.org.

They will develop their own stuff slowly, but if Oracle releases the future code drops by doing updates to the public mercurial repos, merging that into the illumos and openindiana trees should be manageable.